Callahan Advisors, LLC reports 4.33% decrease in ownership of CY2 / Canadian National Railway Company

Canadian National Railway Company

DE ˙ DB ˙ CA1363751027

103,90 € ↑1,70 (1,66%)

2026-06-05
DEL PRIS

Security	DE:CY2 / Canadian National Railway Company
Institution	Callahan Advisors, LLC
Latest Disclosed Ownership	55,891 shares
Latest Disclosed Value	$ 5,743,944

On May 12, 2026 - Callahan Advisors, LLC filed a 13F-HR form disclosing ownership of 55,891 shares of Canadian National Railway Company (DE:CY2) valued at $4,965,356 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 6, 2026 disclosing 58,422 shares of Canadian National Railway Company. This represents a change in shares of -4.33% during the quarter. The current value of the position is $5,807,075 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-12	2026-03-31	13F	Canadian Natl Ry	COM	136375102	55,891	-2,531	-4.33	5,744	-0.55	0.4794
2026-02-06	2025-12-31	13F	Canadian Natl Ry	COM	136375102	58,422	-19,588	-25.11	5,775	-21.49	0.4747
2025-10-31	2025-09-30	13F	Canadian Natl Ry	COM	136375102	78,010	-28,715	-26.91	7,356	-33.75	0.6248
2025-07-28	2025-06-30	13F	Canadian Natl Ry	COM	136375102	106,725	-9,149	-7.90	11,104	-1.68	0.9979
2025-05-01	2025-03-31	13F	Canadian Natl Ry	COM	136375102	115,874	28,411	32.48	11,293	27.20	1.0762
2025-01-31	2024-12-31	13F	Canadian Natl Ry	COM	136375102	87,463	16,394	23.07	8,878	6.64	0.8356
2024-10-30	2024-09-30	13F	Canadian Natl Ry	COM	136375102	71,069	-3,775	-5.04	8,326	-5.84	0.8112
2024-07-29	2024-06-30	13F	Canadian Natl Ry	COM	136375102	74,844	-2,112	-2.74	8,841	-12.77	0.9193
2024-04-24	2024-03-31	13F	Canadian Natl Ry	COM	136375102	76,956	-4,031	-4.98	10,136	-0.38	1.0630
2024-01-24	2023-12-31	13F	Canadian Natl Ry	COM	136375102	80,987	-15,918	-16.43	10,174	-3.08	1.1804
2023-10-23	2023-09-30	13F	Canadian Natl Ry	COM	136375102	96,905	-5,599	-5.46	10,498	-15.41	1.3186
2023-07-31	2023-06-30	13F	Canadian Natl Ry	COM	136375102	102,504	901	0.89	12,410	3.54	1.5081
2023-04-28	2023-03-31	13F	Canadian Natl Ry	COM	136375102	101,603	3,682	3.76	11,986	2.97	1.5482
2023-02-03	2022-12-31	13F	Canadian Natl Ry	COM	136375102	97,921	794	0.82	11,641	10.97	1.5929
2022-11-14	2022-09-30	13F/A-1	Canadian Natl Ry	COM	136375102	97,127	2,038	2.14	10,489	-1.93	1.5062
2022-10-27	2022-09-30	13F	Canadian Natl Ry	COM	136375102	97,127	2,038		10,489		1.5062
2022-07-29	2022-06-30	13F	Canadian Natl Ry	COM	136375102	95,089	82	0.09	10,695	-16.08	1.4236
2022-04-27	2022-03-31	13F	Canadian Natl Ry	COM	136375102	95,007	1,531	1.64	12,744	10.97	1.4542
2022-02-08	2021-12-31	13F	Canadian Natl Ry	COM	136375102	93,476	1,254	1.36	11,484	7.67	1.2884
2021-11-03	2021-09-30	13F	Canadian Natl Ry	COM	136375102	92,222	531	0.58	10,666	10.24	1.3441
2021-08-11	2021-06-30	13F	Canadian Natl Ry	COM	136375102	91,691	2,070	2.31	9,675	-6.92	1.2281
2021-04-21	2021-03-31	13F	Canadian Natl Ry	COM	136375102	89,621	1,250	1.41	10,394	7.07	1.4075
2021-01-20	2020-12-31	13F	Canadian Natl Ry	COM	136375102	88,371	-4,284	-4.62	9,708	-1.58	1.4206
2020-10-26	2020-09-30	13F	Canadian Natl Ry	COM	136375102	92,655	-12,065	-11.52	9,864	6.35	1.6129
2020-07-17	2020-06-30	13F	Canadian Natl Ry	COM	136375102	104,720	29	0.03	9,275	14.13	1.6443
2020-04-06	2020-03-31	13F	Canadian Natl Ry	COM	136375102	104,691	898	0.87	8,127	-13.43	1.7062
2020-01-21	2019-12-31	13F	Canadian Natl Ry	COM	136375102	103,793	1,106	1.08	9,388	1.74	1.5052
2019-10-21	2019-09-30	13F	Canadian Natl Ry	COM	136375102	102,687	5,358	5.51	9,227	2.51	1.6117
2019-07-17	2019-06-30	13F	Canadian Natl Ry	COM	136375102	97,329	7,260	8.06	9,001	11.69	1.6153
2019-04-22	2019-03-31	13F	Canadian Natl Ry	COM	136375102	90,069	4,039	4.69	8,059	26.40	1.5002
2019-01-24	2018-12-31	13F	Canadian Natl Ry	COM	136375102	86,030	1,902	2.26	6,376	-15.61	1.3613
2018-10-15	2018-09-30	13F	Canadian Natl Ry	COM	136375102	84,128	3,848	4.79	7,555	15.12	1.4017
2018-07-19	2018-06-30	13F	Canadian Natl Ry	COM	136375102	80,280	14,685	22.39	6,563	36.81	1.2936
2018-04-30	2018-03-31	13F	Canadian Natl Ry	COM	136375102	65,595	10,665	19.42	4,797	5.85	0.9834
2018-01-30	2017-12-31	13F	Canadian Natl Ry	COM	136375102	54,930	7,186	15.05	4,532	14.56	0.8997
2017-10-26	2017-09-30	13F	Canadian Natl Ry	COM	136375102	47,744	8,457	21.53	3,956	24.25	0.8318
2017-07-31	2017-06-30	13F	Canadian Natl Ry	COM	136375102	39,287	24,957	174.16	3,184	200.66	0.6930
2017-04-27	2017-03-31	13F	Canadian Natl Ry	COM	136375102	14,330	7,820	120.12	1,059	141.23	0.2384
2017-01-31	2016-12-31	13F	Canadian Natl Ry	COM	136375102	6,510	6,510	0.00	439		0.1058
2016-07-25	2016-06-30	13F	Canadian Natl Ry	COM	136375102	0	-14,129	-100.00	0	-100.00
2016-04-29	2016-03-31	13F	Canadian Natl Ry	COM	136375102	14,129	-1,040	-6.86	882	4.01	0.2417
2016-02-05	2015-12-31	13F	Canadian Natl Ry	COM	136375102	15,169	-1,550	-9.27	848	-10.64	0.2418
2015-10-21	2015-09-30	13F	Canadian Natl Ry	COM	136375102	16,719	-18,462	-52.48	949	-53.30	0.2914
2015-07-28	2015-06-30	13F	Canadian Natl Ry	COM	136375102	35,181	-32,978	-48.38	2,032	-55.42	0.5849
2015-04-20	2015-03-31	13F	Canadian Natl Ry	COM	136375102	68,159	68,159	0.00	4,558		1.3284
2015-01-27	2014-12-31	13F	Canadian Natl Ry	COM	136375102	0	-66,498	-100.00	0	-100.00
2014-10-21	2014-09-30	13F	Canadian Natl Ry	COM	136375102	66,498	1,096	1.68	4,719	10.98	1.4621
2014-07-25	2014-06-30	13F	Canadian Natl Ry	COM	136375102	65,402	1,676	2.63	4,252	18.67	1.3511
2014-05-05	2014-03-31	13F	Canadian Natl Ry	COM	136375102	63,726	-419	-0.65	3,583	-2.05	1.2199
2014-01-22	2013-12-31	13F	Canadian Natl Ry	COM	136375102	64,145	31,630	97.28	3,658	10.98	1.2756
2013-10-31	2013-09-30	13F	Canadian Natl Ry	COM	136375102	32,515	1,451	4.67	3,296	9.07	1.2570
2013-07-30	2013-06-30	13F	Canadian Natl Ry	COM	136375102	31,064	31,064		3,022		1.2359

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.